Consider the following statements: Industrial development in India, to an extent, is constrained by 1. I. lack of adequate entrepreneurship and leadership in business. 2. II. lack of savings to invest. 3. III. lack of technology, skills and infrastructure. 4. IV. limited purchasing power among the larger masses. Which of the above statements are correct?

1. The question asks about constraints on industrial development in India. 2. Statement I: Lack of adequate entrepreneurship and leadership has been cited as a constraint, affecting innovation and risk-taking. This statement is generally considered correct. 3. Statement II: Lack of savings to invest. While savings rates can impact investment, India's domestic savings rate, though variable, hasn't always been the primary bottleneck compared to other factors like efficient capital allocation or infrastructure. Historically, mobilizing savings was an issue, but in the 90s, other constraints were often seen as more critical. Many analyses suggest India's savings rate wasn't critically low compared to investment needs, but efficiency of investment was a problem. Thus, this statement is debatable as a primary constraint compared to others. 4. Statement III: Lack of technology, skills, and infrastructure (like power, transport) are widely recognized as significant constraints on India's industrial growth. This statement is correct. 5. Statement IV: Limited purchasing power among the larger masses restricts domestic demand for industrial goods, thereby constraining growth. This statement is correct. 6. Considering I, III, and IV as definite constraints, option (B) which includes I, III, and IV is the most appropriate answer, suggesting II (lack of savings) is considered less of a constraint relative to the others in this context.